An analyst who accurately predicted the bottom of the cryptocurrency market in November 2022 is now expressing optimism about Chainlink (LINK) as the cryptocurrency operates within a long-term trading range.
The analyst, known as DonAlt, shared his bullish outlook on LINK, considering it one of the “best-performing altcoins” in terms of price action.
“I really like this setup for LINK. I like it when you have a range that is tested many times. Because if there’s a break in the range, you’ll have a significant move. So, I like LINK. I believe that if this happens, it could reach around $14 or so. That’s a potential doubling of its value.”
DonAlt also emphasized that Chainlink’s future price action is closely tied to Bitcoin’s price action.
“Obviously, if Bitcoin falls, Chainlink will also fall,” he said, claiming that BTC is the major trendsetter for the crypto market, and sustainable rallies cannot occur without a rise in Bitcoin.
Regarding Bitcoin’s future prospects, DonAlt pointed out two possibilities:
“If it gets rejected where it is now, Bitcoin will drop below $25,000. That’s likely or very possible. But if it advances towards $29,000 and closes at that level, I don’t believe it will stop. That would be a very significant recovery that could break through the $31,000 resistance.”
Antonio Bertuccio, Head of Strategies at iVi Technologies, highlighted the importance of observing that Bitcoin’s dominance index remains near all-time highs. This suggests that BTC may continue consolidating its preeminent position in the cryptocurrency market.
Michael Silberberg, Head of Investor Relations at AltTab Capital, commented that Bitcoin’s recent price stability during the sell-off of stocks and bonds in the US market highlights its growing status as an independent asset class.
“If Bitcoin persists in trading within a narrow range while stocks and bonds are being sold, it will solidify this narrative and likely attract more institutional flows seeking uncorrelated assets. We expect this newfound maturity to potentially mark the beginning of a long-term uptrend in the next 4-6 months.”
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